The Tony Elumelu Foundation’s $100 million entrepreneurship support programme, which was launched in 2015 to empower 10,000 entrepreneurs over 10 years, has already hit 90 percent of its set target after just six years, a little above half of the projected period.
Now entering its seventh year, it has already empowered to date over 9,000 young African entrepreneurs from 54 African countries, only 1000 people or 10 percent short of the target number . This means that the Tony Elumelu Foundation has now hit 90 percent of its set target for supporting African entrepreneurs just after half time.
The Foundation, which is regarded as Africa’s leading philanthropy in empowering African entrepreneurs, is currently accepting applications, which can be submitted electronically on www.TEFConnect.com for the 2021 entrepreneurship programme.
With the deadline fast approaching, this year’s intervention, which includes a $5000 funding, together with mentoring and training for each selected business, prioritizes the economic recovery of young African entrepreneurs, following the severe impacts of the Covid-19 pandemic.
CEO of the Tony Elumelu Foundation, Ifeyinwa Ugochukwu, stated that “the Tony Elumelu Foundation now more than ever is demonstrating our commitment to unleashing the potential of young African entrepreneurs, the key to Africa’s long-term economic transformation. The pandemic has created challenges across the continent, but we know that with the Tony Elumelu Foundation’s tried and tested programme, we can execute the largest Covid-19 economic recovery plan for African SMEs and break the cycle of poverty in Africa.”
To address the unique challenges arising from the pandemic, lift millions out of poverty and create sustainable employment across the continent, the programme will empower over 3,500 young African entrepreneurs through the current set of applications.
The Tony Elumelu Foundation, which celebrated ten years of impact in 2020, says it remains committed to empowering a new generation of African entrepreneurs, through the TEF entrepreneurship programme, through which successful applicants receive a world-class business training, mentorship, non-refundable seed capital up to $5,000, and global networking opportunities.
The programme is open to entrepreneurs across Africa, both new start-ups and existing young businesses, operating in any sector.
